MultiChoice, a leading African media and entertainment company, led the funding round.

Other investors in the round include Sanlam, a financial services group, and “large commercial and development banks”.

The funding will accelerate Wetility’s expansion plans and grow its customer base.

The company plans to use the funds to install solar panels on more homes and businesses and to develop new products and services.

Wetility was founded in 2019 by Vincent Maposa and Johanna Hortz.

The company’s flagship product is a digital solar energy management system that allows users to manage their power usage remotely.

The system includes rooftop solar panels, a hybrid inverter, lithium-ion batteries, and switchgear and consists of a dashboard where users can monitor their energy usage and make payments.

Wetility’s solar energy solutions are designed to help South Africans reduce their reliance on the country’s unreliable power grid.

In recent years, Eskom, the state-owned power utility, has struggled to meet demand for electricity, leading to frequent power outages.

With the new funding, Wetility is poised to become one of the country’s leading solar energy solutions providers.

The investment round was led by Alitheia IDF, a women-led and women-focused private equity fund.

Other investors in the round include the Vumela Enterprise Development Fund, which focuses on fostering growth in black-owned SMEs.

The funding will be used to expand Rentoza’s product offering, grow its team, and enter new markets. The company plans to launch in Nigeria and Ghana in the coming months.

Rentoza is a disruptive force in the African e-commerce market. The company’s subscription service makes it easier and more affordable for Africans to access the latest products. This is especially important for women, who are often excluded from traditional lending channels.

“Our growth initiatives and expansion plans will drive transformative change in the South African economy and beyond, creating accessible and flexible shopping experiences for consumers across the continent. Real access is finally coming to the continent,” Aviraag Ramdhani, Co-Founder at Rentoza said.

With this funding, Rentoza is well-positioned to become a major player in the African e-commerce market.

This announcement marks a significant stride towards bolstering the continent’s resilience against climate change while supporting innovative financing mechanisms for sustainable development.

Strategic Investments to Foster Sustainability

FSDAi’s investments in Acre Impact Capital’s Export Finance Fund I, Catalyst Fund, and Camco’s Spark Energy Services reflect their strategic approach to collaborate with local asset managers and venture builders.

The primary objective is to inject much-needed funding into climate-smart projects that often struggle to secure financial backing.

Breaking Down the Investment:

$12 Million in Acre Impact Capital’s Export Finance Fund I

This fund addresses the challenge of obtaining commercial debt financing for sustainable infrastructure projects backed by official Export Credit Agencies (ECAs).

FSDAi’s investment is expected to facilitate the flow of ECA finance for social and green infrastructure, ultimately unlocking $67 million in funding.

This initiative is projected to improve access to essential services for over 500,000 people and create more than 2,000 jobs.

$4.5 Million in Catalyst Fund

The Catalyst Fund is a pre-seed venture capital fund and accelerator focused on tech start-ups dedicated to enhancing climate resilience in Africa.

The investment aims to demonstrate the viability of venture building as a model to accelerate the growth of climate-smart businesses in Africa, with a target of creating or advancing 40 such businesses and assisting 5 million individuals and households in adapting to climate change.

$3 Million in Spark Energy Services (Spark)

Managed by climate and impact fund manager Camco, Spark Energy Services seeks to provide financing to captive solar and energy efficiency developers in Sub-Saharan Africa.

This platform aims to address the financing challenges faced by smaller-scale projects by aggregating them to reduce transaction costs and diversify risk.

FSDAi’s investment in Spark is set to support a just transition, reducing greenhouse gas emissions by 0.61 million metric tons of carbon dioxide equivalent (MtCO2e), creating 1,400 jobs, and providing affordable, reliable, and clean power to commercial and industrial SMEs.

FSDAi’s Unique Approach

FSDAi specializes in investments that support innovative financial instruments, facilities, and intermediaries, accelerating finance’s role in Africa’s green economic growth.

It is funded through UK International Development from the Foreign, Commonwealth & Development Office (FCDO).